{$NGG3} A few participants favored raising rates by 50 basis points All participants favored a 25 basis point hike all participants agreed more rate hikes needed to achieve federal open market committee’s job, inflation objectives restrictive monetary policy needed until Fed confident inflation falling to 2%, added that process likely to take some time all participants favored further Fed balance sheet reductions under current plan uncertainty associated with outlooks for economy, job market inflation was high risks to economic outlook weighed to the downside upside risks for inflation, including China’s economic reopening and Russia’s war in Ukraine uncertainty associated with outlooks for economy, job market inflation was high job market very tight, labor demand outstripping available supply some participants saw elevated prospect of recession in 2023 continue tight labor market would contribute upward pressure to inflation inflation in the last three months has eased, but they need to see more progress drawnout US debt limit process could pose significant risks to financial system, economy